Private Equity 3 Days

Last updated: April 21, 2026, 11:30 AM ET

Private Equity Fundraising and Secondaries Activity

Firms across the private capital spectrum are successfully concluding fundraising efforts, often exceeding initial targets, even as the secondaries market matures into a fixture for managing institutional allocations HarbourVest Partners successfully held the final close of its thirteenth US primary fund, Harbour Vest Fund XIII, securing $2.4 billion, while Baird Capital closed its third Global Fund at its hard cap of $450 million. Further evidence of sustained LP interest, particularly in secondary transactions, comes as an OCIO firm encourages clients to engage in the growing secondaries market, despite some historical return mechanisms becoming less appealing in the current environment; however, friction points like the bid-ask spread remain contentious in negotiations, according to market observers Secondaries Investor. Meanwhile, for those utilizing continuation vehicles (CVs), GPs are increasingly stepping up alignment through cross-fund commitments, a structure secondaries investors view as essential for trophy assets GPs increasingly step up CV alignment, even as opinions diverge on the rationale and valuations within the booming GP-led secondary market GP-led secondaries: CVs prompt diverging opinions.

Mega-Deals and Strategic Exits

Large-scale transactions continue to shape major portfolio shifts, highlighted by Apollo Global Management's move to acquire a minority stake in McKesson’s medical-surgical solutions business, placing that unit at a $13 billion valuation, and Blackstone’s planning for a potential $8 billion public markets exit via an initial public offering for Jersey Mike’s Subs, possibly as early as 2027 Sycamore Partners is similarly exploring a London listing for Boots that could exceed $8 billion. In sports, Clearlake Capital’s co-founder José E. Feliciano is nearing the completion of an MLB-record $3.9 billion acquisition of the San Diego Padres, while in the UK, RedBird Capital Partners has acquired the accounting services platform Affinia. Separately, in the insurance distribution vertical, Goldman Sachs-backed Doxa is moving to acquire Eaton Gate Group, and JC Flowers-backed One Italia Alliance is adding Strategica Group through an acquisition JC Flowers-backed OneItalia Alliance scoops up Strategica Group.

Sector Focus: Industrials, Manufacturing, and Fire Safety Roll-ups

The industrial and manufacturing sectors saw several targeted acquisitions, often supporting platform company expansion through bolt-on deals. Avem Partners, supported by capital from True West Capital Partners and family offices, scooped up manufacturer Precision Aircraft Machining Company, while Catchment Capital is set to acquire manufacturer Isolatek from seller SK Capital. In specialized industrial services, ACP-backed Sten Tech, a surface mount technology provider, acquired toolmaker Pentagon EMS, and Heartwood-backed Amlon Group completed its seventh acquisition under Heartwood’s ownership, purchasing waste treatment facility Excel. The fire safety segment remains particularly active, driven by regulatory stability and the build-out of data centers; HIG Capital is currently collecting first-round bids for Capstone Logistics, which sources suggest has $215 million in EBITDA and may be too large for a strategic buyer HIG to take first-round bids, while HIG-backed Andwis made its 29th acquisition since 2023 by purchasing fire and safety firm Senseco Systems. Furthermore, Gryphon Investors is reportedly testing the market for its fire safety platform, Jensen Hughes, potentially seeking a valuation of $1.5 billion or more based on current industry multiples Gryphon to test market for fire safety platform.

Technology, AI, and Specialized Services Acquisitions

Technology and specialized consulting firms are seeing a flurry of platform activity and new capital deployment, even as the broader tech funding environment shifts. In the digital transformation space, Renovus-backed F2 Strategy acquired investment consultant Meradia, a firm focused on the global wealth and asset management industries. In pricing technology, Schematic, which aims to simplify packaging for software and AI firms, successfully raised $6.5 million in seed funding Schematic Raises $6.5M To Help Companies Update Their Pricing, a sector where pricing strategy itself is being re-examined, with some experts suggesting that counterintuitively, higher prices signal quality and attract more committed customers The Counterintuitive Truth About Product Pricing. In adjacent deeptech areas, Accel-KKR backed the spin-out Staritas from the healthcare quality nonprofit ECRI, while European AI startup Cusp AI is reportedly raising $200 million at a unicorn valuation CuspAI raising $200m at unicorn valuation. Meanwhile, despite the general slowdown in life sciences deployment post-COVID peaks Life sciences slips from its covid peak, Eli Lilly announced plans to acquire gene therapy developer Kelonia Therapeutics for up to $7 billion in cash Lilly Acquiring Kelonia In Largest Funded Biotech Startup Purchase.

Healthcare and Infrastructure Deals

Deals in healthcare and infrastructure demonstrate a focus on specialized technology and essential services. TA Associates is reportedly in talks to take UK-listed Advanced Medical Solutions, a developer of tissue-healing technology, private in an $810 million transaction TA Associates eyes $810m takeover, while Grovecourt invested in Guide Architecture, a firm focused on the healthcare sector, where the existing leadership team will maintain significant ownership. In infrastructure and utilities, Excelsior-backed Lydian Energy acquired a portfolio of power projects from Hanwha Renewables, and Quad-C-backed Vortex added water-main service company Mainlining America to its U.S. operations. In the waste management space, Concentric-backed Collective Waste grew its service offerings by acquiring Straight Flush Rentals. Furthermore, the trend of using continuation vehicles for asset monetization is evident, as Cerberus Capital completed a single-asset CV for Subsea Communications, securing approximately $2.3 billion in commitments led by CVC Secondary Partners Cerberus Capital completes single-asset CV.

European Market Dynamics and Tech Sovereignty

European private equity activity is characterized by a focus on niche software, resilience themes, and grappling with broader tech sovereignty concerns. In the UK, firms like Hg, TowerBrook, and Vitruvian Partners are circling the $270 million Benchmark deal as Schroders reshapes its portfolio. In software, IK Partners agreed to acquire Selatek, a specialist in security and automation services, from Amplio Private Equity IK Partners to acquire Selatek from Amplio. Defense and resilience themes are drawing investor interest across Europe, with one investment bank noting a deal deluge in the defense sector Europe defence deal surge positive for LPs, GPs. However, European tech startups are simultaneously wrestling with demands related to technology sovereignty Startups wrestle with tech sovereignty demands, even as areas like cybersecurity funding remain elevated, with global companies receiving $4.9 billion in the last quarter Cybersecurity Funding Holds Up At Robust Levels. Separately, AI firm Synthesia announced a major hiring push and opened three new offices, signaling expansion despite broader market uncertainty.